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Feb 9, 2018
02/18
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trillion-dollar deficit this year. it's going to be bigger, probably, but we were approaching a trillion dollars before they added $300 billion in new spending to this. so this is a problem. this is a big deal. and what i have said all day long, i will vote all day long to start the process, open the doors. we could have had 40 amendments today. we have been at this all day, with the other side blocking amendments, trying to have no debate and trying to close the door so a secret deal, a deal done in secret could be forced on everyone else. so yes, we should have debate, yes, we should have a vote. let's have a vote tonight on amendments. let's have amendments. let's determine whether the american people or the senate are really in favor of busting the caps. i have one amendment. i'm not asking for a dozen amendments. i'm not asking for a hundred amendments. i'm not asking for a thousand amendments. i'm asking for one. it takes 15 minutes. so realize these people all day that want to paint a picture -- one, they are em
trillion-dollar deficit this year. it's going to be bigger, probably, but we were approaching a trillion dollars before they added $300 billion in new spending to this. so this is a problem. this is a big deal. and what i have said all day long, i will vote all day long to start the process, open the doors. we could have had 40 amendments today. we have been at this all day, with the other side blocking amendments, trying to have no debate and trying to close the door so a secret deal, a deal...
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Feb 9, 2018
02/18
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if they were against $1 trillion deficits for president obama, why is it okay to be a republican deficit of $1 tr*l? i think there is no escaping the hypocrisy of that. i think there is no escaping also the dire warnings we heard. almost all of the republicans, i venture to say every republican in the senate has made dire warnings about the debt and was critical of president obama. i was one of them. but we need to be honest enough to look in the mirror at ourselves when we are in charge of all three branches of government. you see, when the republicans took over the house, they said, well, don't have too high of expectations. we only control one-third of the government. or one half of one-third of the government. then we took over the senate and they said well, we still can't do anything because president obama is there. now we have a republican president. i don't know what the excuse is going to be. some say well, we must govern. and if by govern they mean act like the other side and run up huge deficits, guess it's not what i'm interested in as far as governing. governing is about mak
if they were against $1 trillion deficits for president obama, why is it okay to be a republican deficit of $1 tr*l? i think there is no escaping the hypocrisy of that. i think there is no escaping also the dire warnings we heard. almost all of the republicans, i venture to say every republican in the senate has made dire warnings about the debt and was critical of president obama. i was one of them. but we need to be honest enough to look in the mirror at ourselves when we are in charge of all...
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Feb 10, 2024
02/24
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then interest cost for a major contributor to the deficit and the growth is equal to about orders of the increase in the deficit from 2024, after 2034 and initially, then interest cost similar to the mouse discretionary spending for the defense and for nondefense activities and by the end of the time at $1.6 trillion in interest la is a roughly one and a half times larger and nondefense spending and also boosting deficits are to underlining transco the aging of the population growth and have spending to beneficiary is transferred upward pressures inventory spending and measuring in relation to economic output, federal debt held by the public prices from 99 percent in 2024, up to 160 percent in 2034 suppressing the historical peak and the debt ratio continues to rise reaching 172 percent by 2054. and from 2024 - 2033, the deficit is about 7 percent smaller than we projected last year printed primarily as a result of the fiscal responsibility act of 2023, the subsequent continuing resolution and together those laws reduce the growth of discretionary spending including the effect on sur
then interest cost for a major contributor to the deficit and the growth is equal to about orders of the increase in the deficit from 2024, after 2034 and initially, then interest cost similar to the mouse discretionary spending for the defense and for nondefense activities and by the end of the time at $1.6 trillion in interest la is a roughly one and a half times larger and nondefense spending and also boosting deficits are to underlining transco the aging of the population growth and have...
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Jan 8, 2018
01/18
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no more deficit talk from my colleagues here. when we democrats ask for parity in budget agreements, this is what we mean. we mean opioids. we mean veterans' health care. we mean pensions. we need to defend and support the middle class here at home just as we must protect america from her adversaries abroad, which our military does so proudly and bravely. we agree we need to support our military wholeheartedly, but we don't think that's a reason to leave the middle class behind. so let's do both. let's lift the spending caps equally for defense in these urgent domestic priorities. our two parties can reach a deal like that, just as we can reach a deal to pass a disaster aid package that treats all states and territories fairly, just as we can have an agreement on health care package that acknowledges the new realities of the health care markets which was disrupted by republicans when they repealed the mandate in the tax bill last year. and just as we can reach a deal on daca, protecting young people who are brought here as kids t
no more deficit talk from my colleagues here. when we democrats ask for parity in budget agreements, this is what we mean. we mean opioids. we mean veterans' health care. we mean pensions. we need to defend and support the middle class here at home just as we must protect america from her adversaries abroad, which our military does so proudly and bravely. we agree we need to support our military wholeheartedly, but we don't think that's a reason to leave the middle class behind. so let's do...
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Jul 25, 2019
07/19
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that's not the cause of the federal deficit. reaching that agreement did, though, mean that for the first time in nearly a decade, the department of defense received its budget on time. and it received a record funding level for research and development. this new two-year budget agreement that the president has recommended will rebuild our military by providing $738 billion for defense discretionary spending for 2020 and $740 billion for 2021. it will also allow us to fulfill the commitment we made as a part of the new start treaty in 2010 in december. i voted for that. and part of the deal with president obama was that if we passed the treaty limiting nuclear weapons, that we would make sure that ours worked. president trump said the other day that russia has 1,1111 nuclear weapons and they all work. we don't want to use them. we don't want them to use them. the best way to keep them from using them is to make sure ours work. now we've reached a budget agreement, so we can get to work on the appropriations bills and hopefully g
that's not the cause of the federal deficit. reaching that agreement did, though, mean that for the first time in nearly a decade, the department of defense received its budget on time. and it received a record funding level for research and development. this new two-year budget agreement that the president has recommended will rebuild our military by providing $738 billion for defense discretionary spending for 2020 and $740 billion for 2021. it will also allow us to fulfill the commitment we...
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Jul 25, 2019
07/19
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a deficit is a deficit is a deficit. they try to make the arguments that massive tax cuts won't create a deficit, but all the numbers that are coming in now and are projected for the future say that is just not true. if the "wall street journal" really cared about deficits above all, they wouldn't have supported the tax bill. when the senate debated these tax cuts in 2017, there were several proposals on the table. many democrats and republicans supported them that would have reduced taxes on corporations while remaining deficit-neutral. many would have changed the tax codes in ways i didn't support, but nonetheless they would have held revenues and expenditures in line. we didn't hear a peep out of the "journal" to support those proposals. oh no. democrats even put together a deficit-neutral middle-class tax cut at the time but republicans ignored it and pushed through congress a bill that lined the pockets of the wealthy, blowing a $2 trillion hole in our deficit. "the wall street journal" could have said something the
a deficit is a deficit is a deficit. they try to make the arguments that massive tax cuts won't create a deficit, but all the numbers that are coming in now and are projected for the future say that is just not true. if the "wall street journal" really cared about deficits above all, they wouldn't have supported the tax bill. when the senate debated these tax cuts in 2017, there were several proposals on the table. many democrats and republicans supported them that would have reduced...
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Dec 11, 2019
12/19
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in revenue, that delta there is our deficit. the deficit for the last fiscal year was $850 billion, $850 billion. i haven't set down and added that up. that's probably more than the first 200 years of our country combined, and it's like $850 billion in one year. the deficit for the current year is expected to be $1 trillion, $1 trillion. it's just an unimaginable number except maybe in the case of a war, like world war ii, maybe world war i. but we were faced with -- i serve on the finance committee with senator wyden, senator stabenow, but we were faced with the opportunity to do smaller things with respect -- smart things with respect to our tax code, try to make it more fair, better able to foster economic growth, less complex, actually reduce deficits. as it turns out, we -- without a single democratic vote, in fact we didn't have the opportunity to offer a single democratic amendment. i just sat in a hearing in the finance committee a few minutes ago. they quoted rob wallace, a senior official now in the interior department
in revenue, that delta there is our deficit. the deficit for the last fiscal year was $850 billion, $850 billion. i haven't set down and added that up. that's probably more than the first 200 years of our country combined, and it's like $850 billion in one year. the deficit for the current year is expected to be $1 trillion, $1 trillion. it's just an unimaginable number except maybe in the case of a war, like world war ii, maybe world war i. but we were faced with -- i serve on the finance...
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Jan 24, 2023
01/23
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at the same time blowing 100 billion-dollar hole in the deficit, they say about the deficit but they seem to care more about making sure those very wealthy people use lawyers and accountants to go through loopholes and pay lower percentage than the average american and it seems to be with the care about but they created a hole in the deficit preventing us from collecting money from those people and that's what they said, not us. speaking of the deficit we are witnessing the house gop recklessly flirt with this. it's clear fault would be a catastrophe for american working families. it's not an abstract issue, it will affect every american family and laying friendship, taking hostages being risky and not caring about average people. let's look at some of it. if the maga gop stops paying our nations bills, americans pay the price. a massive hit to local economies, american families nothing less than economic crisis. here's what would happen. interest rates would go up, if you have a home loan, the average patient can pay tens of thousands more on their mortgage if they have variable rat
at the same time blowing 100 billion-dollar hole in the deficit, they say about the deficit but they seem to care more about making sure those very wealthy people use lawyers and accountants to go through loopholes and pay lower percentage than the average american and it seems to be with the care about but they created a hole in the deficit preventing us from collecting money from those people and that's what they said, not us. speaking of the deficit we are witnessing the house gop recklessly...
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Feb 13, 2023
02/23
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that said, deficits have a problem under both presidents, deficits rose under president obama if you measure by legislation. under president obama all legislation hold $5 trillion in deficit over his presidency. under president trump, it was $7.8 trillion in deficit in four years. granted half of that was covid but what we see is if you measure by legislation which is what presidents control, we haven't had a president cut deficit going back decades and decades, a bipartisan problem but the argument is republicans only go after deficits under democratic presidents, i agree and i wish we go after deficit as a country during republican and democrat, that's my bias. >> how much debt is too much debt? the market economist debate this. right now it's about one 100% of the gdp which means that is the same size as national income. it's on pace to go to 185% d30 years according to the congressional budget office. interest rate rise, they could go to two or three 100% of gdp. here's why it is scary and how it is too much. as the debt goes to 185% of gdp, at that time if you assume interest ra
that said, deficits have a problem under both presidents, deficits rose under president obama if you measure by legislation. under president obama all legislation hold $5 trillion in deficit over his presidency. under president trump, it was $7.8 trillion in deficit in four years. granted half of that was covid but what we see is if you measure by legislation which is what presidents control, we haven't had a president cut deficit going back decades and decades, a bipartisan problem but the...
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May 17, 2018
05/18
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but the reason ultimately is also because there is a huge deficit. our side scratches at the heads -- at our heads, not only with our friend from kentucky but of everyone on the other side who rails about too much government spending and creation of the deficit when they created the deepest hole they could have with the tax break that could have been paid for by closing loopholes. and a group, a bipartisan group had put something together that would have reduced the corporate rate to 25%, brought the money overs at 8%, 9%, increased the child tax credit, left the individual side alone, and barely increased the deficit. so our side at least rankles when we hear these budgets that relate to deficit spending when on the tax side that doesn't seem to apply at all. i say that with due respect to my good friend who i know is sincere in his beliefs. and he will argue with me that cutting taxes increases the economy. i would say spending money on education and infrastructure also increases the economy. it's a slippery slope once you say we can cut all the ta
but the reason ultimately is also because there is a huge deficit. our side scratches at the heads -- at our heads, not only with our friend from kentucky but of everyone on the other side who rails about too much government spending and creation of the deficit when they created the deepest hole they could have with the tax break that could have been paid for by closing loopholes. and a group, a bipartisan group had put something together that would have reduced the corporate rate to 25%,...
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Dec 4, 2019
12/19
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but we still have a $1 trillion deficit. that is the overspending in a single year. the highest amount of revenue we ever had, yet we have epic levels of deficit spending, adding to $23 trillion in total debt as a nation. $23 trillion, it's a number none of us can even fathom. we're approaching a time where it would take the income of every single american for the entire year to be collected as taxes to pay of 0 our debt. we're at 95% total debt to g.d.p. these kind of numbers can't be sustained, and everyone quietly knows it in the back of their mind, but dealing with debt and deficit seems to be one of those things we'll deal with in the future. someday, someday, someday. i'm here to encourage this body to say we should be taking on the issues of debt and deficit now. the two things that have to occur to be able to get on top of our debt and deficit, one is to get a growing economy where we've growing revenues. we have that now. then we have to be able to deal with federal spending. what would it take to be able to manage federal spending? now we are so far out of
but we still have a $1 trillion deficit. that is the overspending in a single year. the highest amount of revenue we ever had, yet we have epic levels of deficit spending, adding to $23 trillion in total debt as a nation. $23 trillion, it's a number none of us can even fathom. we're approaching a time where it would take the income of every single american for the entire year to be collected as taxes to pay of 0 our debt. we're at 95% total debt to g.d.p. these kind of numbers can't be...
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Mar 5, 2019
03/19
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, did not increase the deficit. also notable that the signature accomplishment of the republican congress and the republican senate was a tax reduction bill that dramatically spirals the deficit out of control. $2 trillion of additional deficits in that provision. and so i share the concerns about the deficit. i find it curious that this congress under republican control has chosen to dramatically increase deficits on pace for the biggest deficits in our legislative history and enormous additional new elements of debt as well. mr. president, i'm here, though, to talk about that affordable care act because one of the things we talk a lot about here in the senate floor is our mutual concern for people with preexisting conditions. these are the 130 million americans who are sick or who have a history of sickness. and if you'd listen to both sides of the aisle, you would believe that everyone is on board with the idea that we should provide individuals who are sick or have ever been sick with protections. and yet action
, did not increase the deficit. also notable that the signature accomplishment of the republican congress and the republican senate was a tax reduction bill that dramatically spirals the deficit out of control. $2 trillion of additional deficits in that provision. and so i share the concerns about the deficit. i find it curious that this congress under republican control has chosen to dramatically increase deficits on pace for the biggest deficits in our legislative history and enormous...
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May 20, 2020
05/20
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eye 30
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we were already running a large deficit. by the way, it's only been at that level four times in the history of our country so the $1 trillion was already viewed by many of us, including me, an unacceptably high number for our annual deficit. now the estimate is that this year's annual deficit will be between $3.7 trillion and $4.2 trillion. mindboggling. we've never had deficits like this before. of course, that adds to the 23 trillion-dollar national debt which was already at record levels. so we're entering dangerous, unchartered waters here. most economists agree this increases the chance of a fiscal and therefore a financial crisis that would follow. of course we've got to respond to this immediate crisis. again, i voted for the first four bills. i believe it was necessary and necessary to act quickly, but i also believe there are real limits as to how much financial risk we should take beyond the, again, $2.8 trillion we already spent in the first four bills. we've got to be sure at a minimum that every new dollar is sp
we were already running a large deficit. by the way, it's only been at that level four times in the history of our country so the $1 trillion was already viewed by many of us, including me, an unacceptably high number for our annual deficit. now the estimate is that this year's annual deficit will be between $3.7 trillion and $4.2 trillion. mindboggling. we've never had deficits like this before. of course, that adds to the 23 trillion-dollar national debt which was already at record levels. so...
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Mar 2, 2021
03/21
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unlike 2020, today, we are in even more abysmal fiscal shape with even larger federal deficits and a ballooning federal debt. according to the congressional budget office, the federal debt held by the public stood at 100% of gdp at the end of fiscal year 2020 and has projected to reach 102% of gdp at the end of 2021. in other words, even though we have the largest economy in the world, we owe more than the entire u.s. economy is producing in a year. if we stay on this course, by 2031, debt would equal 107% of gdp. the highest in the nation's history. america cannot afford to go back to including earmarks and some ill-conceived effort to grease the wheels to pass legislation only because it includes the projects of members of congress. a small part of the budget and i would have to admit, earmarks are a small part of the budget. earmarks can cause members of congress to focus on projects from their district or state instead of holding government accountable and being fiscally responsible. congress should follow regular order by authorizing funding for programs withcr very specific cri
unlike 2020, today, we are in even more abysmal fiscal shape with even larger federal deficits and a ballooning federal debt. according to the congressional budget office, the federal debt held by the public stood at 100% of gdp at the end of fiscal year 2020 and has projected to reach 102% of gdp at the end of 2021. in other words, even though we have the largest economy in the world, we owe more than the entire u.s. economy is producing in a year. if we stay on this course, by 2031, debt...
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Jan 9, 2018
01/18
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surely the deficit again can't be the problem after adding over $1.5 trillion in red ink. so let's make investments we know are essential in our military and in our middle class. we also have to make sure the disaster package treats all our states and territories fairly, that california and puerto rico and the mountain west and the u.s. virgin islands get the aid they need, just like texas and louisiana and florida. we have to reach agreement on a new health care package that admits the new reality of our health care system. the republicans repealed the individual mandate in their tax bill, an act that will raise premiums and lower coverage. the old health care compromise legislation was crafted before the republican tax bill. patty murray has said under new circumstances we need a new proposal. we can't just enact the previous alexander-murray because of the change our republican colleagues made to the health care system. and then of course there's the daca issue. that's going to require further compromise. there are many republicans in this chamber who want to enshrine d
surely the deficit again can't be the problem after adding over $1.5 trillion in red ink. so let's make investments we know are essential in our military and in our middle class. we also have to make sure the disaster package treats all our states and territories fairly, that california and puerto rico and the mountain west and the u.s. virgin islands get the aid they need, just like texas and louisiana and florida. we have to reach agreement on a new health care package that admits the new...
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Feb 8, 2024
02/24
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also boosting deficits are too underlying trends. the aging of the population and growth and federal health spending per beneficiary. those trends put upward pressure on mandatory spending. measured in relation to economic output federal debt held by the public rises from 99% in 2024, to 100's 15% in 2034 passing last year's historical peak in the debt to ratio continues to rise reaching 172% by 2054. from 2024 to 2033 for deficit is up 7% smaller than we projected last year. primarily as a result of the fiscal responsibility act of 2023 and the subsequent continuing resolution. together those laws reduce the growth of discretionary spending including the debt service legislative changes reduce deficits by $2.6 trillion over the next 10 years. in our projections, the deficit is smaller than it was last year at this economic output is greater partly as a result of more people working. the labor force in 2033 is larger by 5.2 million people mostly because of higher net -- more workers mean more output and that in turn leads to addition
also boosting deficits are too underlying trends. the aging of the population and growth and federal health spending per beneficiary. those trends put upward pressure on mandatory spending. measured in relation to economic output federal debt held by the public rises from 99% in 2024, to 100's 15% in 2034 passing last year's historical peak in the debt to ratio continues to rise reaching 172% by 2054. from 2024 to 2033 for deficit is up 7% smaller than we projected last year. primarily as a...
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0.0
Mar 12, 2024
03/24
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democrats want to make the tax code fairer while cutting can the deficit. president biden's budget ends the reckless trump era tax cuts for wealthy and corporations. it left working families out to dry. and the president's budget proposals measures to cut the deficit by nearly $3 trillion. $3 over the -- $3 trillion over the next decade. this is the president's budget in a nutshell -- lower costs, stronger social security stronger medicare more investments in america, and the american people -- all while reducing the deficit. that's something we can all get behind. and the v.a. ivf rule. after the alabama supreme court rule about ivf yesterday americans received some news. it is expanding being a sessions to ivf to more of our veterans -- giving more a chance to raise and grow a family. senator murray has been a decade-long champion of expanding access and i thank her for her work which no doubt helped make yesterday's announcement possible. our veterans amount servicemembers sacrificed so much for our country. we owe it to them to provide, protected, and e
democrats want to make the tax code fairer while cutting can the deficit. president biden's budget ends the reckless trump era tax cuts for wealthy and corporations. it left working families out to dry. and the president's budget proposals measures to cut the deficit by nearly $3 trillion. $3 over the -- $3 trillion over the next decade. this is the president's budget in a nutshell -- lower costs, stronger social security stronger medicare more investments in america, and the american people --...
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0.0
Feb 1, 2023
02/23
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you increase the deficit. and, being in, the nonpartisan queenal budget office says that the action the house already took would increase the deficit by over $114 billion. this from the republicans in the house who are now threatening the united states not pay its bills, claiming that they care about the deficit and debt. when one of the very first actions they took was to increase it. so that's just not the case. i mean, their actions indicate they don't care about the deficit. what's it really about? so what republicans are really after is attacking critical investments that support the american people and have helped strengthen our country. as one republican strategist, grover norquist, once said -- it's about shrinking the government down to the size where you can, quote, drown it in the bathtub, unquote. and this house republican majority is desperate to cut and decimate programs that americans need and that our future requires. so, for example, they want -- they want to cut some of the newest initiatives
you increase the deficit. and, being in, the nonpartisan queenal budget office says that the action the house already took would increase the deficit by over $114 billion. this from the republicans in the house who are now threatening the united states not pay its bills, claiming that they care about the deficit and debt. when one of the very first actions they took was to increase it. so that's just not the case. i mean, their actions indicate they don't care about the deficit. what's it...
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4.1K
Mar 15, 2018
03/18
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the deficit? cut social security, cut medicare, cut health care. the american people know that health care is much more important than tax cuts. you know why? you get a traction break and your premiums go up several thousands in a month or even several hundred dollars in a month. that little increase is wiped away, and our republican colleagues, even in their tax bill, caused premiums to go up by monkeying around with health care. so the republican party needs to wake up and realize that giving massive benefits to corporations and the wealth is never going to be a popular issue for them in the elections because it's terrible policy for the average middle class and working american. it gets to the contradiction at the core of the presidency. the president talks like a populist but governs like pudacrat. he got rid of a wall street executive, gary cohn, and is now putting in gary kudlow who has helped the wealthy and all of america will benefit throughout his whole career. not how trump ran, not wha
the deficit? cut social security, cut medicare, cut health care. the american people know that health care is much more important than tax cuts. you know why? you get a traction break and your premiums go up several thousands in a month or even several hundred dollars in a month. that little increase is wiped away, and our republican colleagues, even in their tax bill, caused premiums to go up by monkeying around with health care. so the republican party needs to wake up and realize that giving...
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1.0
Nov 16, 2021
11/21
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insa the moderates had said all along this is about deficit spending. but by agreeing to vote on build a back this week without a full accounting they sort of revealed the deficit spending was not the only thing. they just wanted to separate the two bills, go home to their districts and claim a big bipartisan win on a popular infrastructure bill and claim it was separate from the larger bill that is less popular, more partisan is going to be is in the campaign trail against them. sue and how much he may have you been cover the one sixth committee? >> on and off. we have others in the office to cover it more closely. it is certainly a backdrop of all of these conversations. >> lynn with the question on twitter just on the latest news from there. do you think the committee will holdea a marker meadows and contempt along with others who ignored subpoenas as steven bannon is preparing to show up in court today banded inside last week by a federal grand jury on two counts of contempt of congress after failing to comply with a subpoena. >> that is a good ques
insa the moderates had said all along this is about deficit spending. but by agreeing to vote on build a back this week without a full accounting they sort of revealed the deficit spending was not the only thing. they just wanted to separate the two bills, go home to their districts and claim a big bipartisan win on a popular infrastructure bill and claim it was separate from the larger bill that is less popular, more partisan is going to be is in the campaign trail against them. sue and how...
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Oct 24, 2023
10/23
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over the ten-year period, division b reduces deficits by $2 million. as such, i am revising the budget aggregates, committee leigh indications and paying paying ledger to accommodate h.r. 5860. i ask unanimous consent that the accompanying tables, which provide details about the adjustment, be printed in the record. and i yield the floor. the presiding officer: without objection. the presiding officer: the righteous senator from rhode island. mr. whitehouse: i ask unanimous consent that the senate proceed to legislative session and be in a period of morning business were senators permitted to speak therein for up to ten minutes eachment. the presiding officer: without objection. mr. whitehouse: mr. president, i have four requests for committees to meet during today's session of the senate. they have the approval of the majority and minority leaders. the presiding officer: duly noted. mr. whitehouse: i ask unanimous consent that the senate proceed to the immediate consideration of calendar number 68, s. 1170. the presiding officer: the clerk will report
over the ten-year period, division b reduces deficits by $2 million. as such, i am revising the budget aggregates, committee leigh indications and paying paying ledger to accommodate h.r. 5860. i ask unanimous consent that the accompanying tables, which provide details about the adjustment, be printed in the record. and i yield the floor. the presiding officer: without objection. the presiding officer: the righteous senator from rhode island. mr. whitehouse: i ask unanimous consent that the...
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Feb 10, 2010
02/10
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the recovery act added to the short-term deficits than estimated 1.3 to $1.2 trillion the deficit was already swollen by the recession and by the bush administration's on the budgets and bailouts. according to the cbo the recovery act has made a difference in their recommend recovery ashtray is to gdp by 1.3 to three-point represented points in the second half of 2009 and increased employment by as many as 1.6 million jobs. as recently as january a year ago, their economies was not growing, it was drinking and contracting by 4.54% alone. 741,000 workers lost their jobs in january of 2009. by contrast in the last quarter of 2009 economy grew by 5.7% job losses averaging 69,000. from the start of the obama administration has realized that under your garden's it would be impossible for brest the deficit down how by moving the economy up. and that's why the president bush -- president's budget for 2011 has objective. of one eye on the economy and the other eye on the deficit. we brought back from the brink with too many americans still feeling the recession and author covered. and no one
the recovery act added to the short-term deficits than estimated 1.3 to $1.2 trillion the deficit was already swollen by the recession and by the bush administration's on the budgets and bailouts. according to the cbo the recovery act has made a difference in their recommend recovery ashtray is to gdp by 1.3 to three-point represented points in the second half of 2009 and increased employment by as many as 1.6 million jobs. as recently as january a year ago, their economies was not growing, it...
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Jan 15, 2020
01/20
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in 2018, we had a record-breaking $891 billion trade deficit in goods, a $419 billion trade deficit with china, and an $81 billion trade deficit with mexico. in 2018, for the first time in our history, manufacturing workers began getting paid less than workers overall. it used to be that manufacturing workers made really good wages compared to the rest of the workforce. not the case anymore. today manufacturing workers get 28.15 an hour while the average worker makes 15 cents an hour more. last month, mr. president, we lost 12,000 factory jobs, and despite trump's rhetoric, we are in a manufacturing recession. mr. president, there is a reason why virtually every major environmental group is opposed to trump's nafta 2.0. this agreement does nothing to stop fossil fuel companies like exxon, mobil, and chevron from dumping their waste and pollution into mexico and destroying the environment. in fact, it makes it easier for fossil fuel companies to bring tar sands oil into the united states through dangerous pipelines like the keystone x.l. it does this -- this proposal does not even mention
in 2018, we had a record-breaking $891 billion trade deficit in goods, a $419 billion trade deficit with china, and an $81 billion trade deficit with mexico. in 2018, for the first time in our history, manufacturing workers began getting paid less than workers overall. it used to be that manufacturing workers made really good wages compared to the rest of the workforce. not the case anymore. today manufacturing workers get 28.15 an hour while the average worker makes 15 cents an hour more. last...
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Aug 1, 2019
08/19
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so why do we have growing deficits? we have growing deficits because -- by the way, discretionary spending is at historically low levels in this country. revenues, unfortunately, are also at historically low levels. in other words, we're not raising the traditional amount of revenue that is necessary for us to pay our bills. now, i come from a family that believes you have to pay your bills. i think it's wrong for us to spend money today and ask our children and grandchildren to pay for our current spending. we should have the courage to provide the revenues necessary to pay our bills. instead, what have we done? we cut revenues again and again and again. so our deficit today is not sustainable. we have to deal with it. but the major culprit has been these irresponsible tax cuts, the last of which went primarily to the wealthiest people in this country, according to the congressional budget office, will add $1.9 trillion to the deficit over the next decade. that's the culprit of the deficits. and that's what we should b
so why do we have growing deficits? we have growing deficits because -- by the way, discretionary spending is at historically low levels in this country. revenues, unfortunately, are also at historically low levels. in other words, we're not raising the traditional amount of revenue that is necessary for us to pay our bills. now, i come from a family that believes you have to pay your bills. i think it's wrong for us to spend money today and ask our children and grandchildren to pay for our...
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0.0
Dec 5, 2022
12/22
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ultimately, we need to reduce deficits. we need about $7 trillion of savings over the next decade just to hold debt as its share of the economy. but i think a good first step would be let's not make it worse worse, and the if very first step for the very last lee and a half weeks of 2022. >> host: there's considerations for ukraine, there's defense spending, there's disaster relief. are all those worthy candidates for us to keep or to are remove from this year's budget or at least whatever is passed for 2022? >> guest: i think many of those are worthy of funding, but if it's good enough to have, it's good enough to pay for. and so when we put more money to ukraine, we can cut spending elsewhere. same for the other stuff. and some of the things they're talking about, frankly, are not a good use of our scarce dollars. >> host: such as what? >> guest: there's talks of bringing back a pause on what's called the medicare sequester. basically, during the pandemic we said we're going to give everybody in medicare a 2% raise in ord
ultimately, we need to reduce deficits. we need about $7 trillion of savings over the next decade just to hold debt as its share of the economy. but i think a good first step would be let's not make it worse worse, and the if very first step for the very last lee and a half weeks of 2022. >> host: there's considerations for ukraine, there's defense spending, there's disaster relief. are all those worthy candidates for us to keep or to are remove from this year's budget or at least...
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Nov 21, 2011
11/11
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how quickly should deficit reduction be implemented? what form should deficit reduction take? let me take up these questions briefly in turn. first, regarding the amount of deficit reduction, there is no commonly agreed upon level of federal debt that is sustainable or optimal under cbo's current law baseline, debts held by the public is projected to fall from 67% of gdp this year to 61% in 2021. however, stabilizing the debt at that level would still leave it larger than any year between 1953 and 2009. lawmakers might determine the debt should be reduced to amounts lower than those shown in cbo's baseline and closer to those we've experienced in the past. that would reduce the burden of debt on the economy, relieve some of the long-term pressures on the budget, diminish the risk of a fiscal crisis and enhance the government's flexibility to respond to unanticipated developments. of course, it would also require a larger amount of deficit reduction. furthermore, lawmakers might decide that some of the current policies scheduled to expire under current law should be continued.
how quickly should deficit reduction be implemented? what form should deficit reduction take? let me take up these questions briefly in turn. first, regarding the amount of deficit reduction, there is no commonly agreed upon level of federal debt that is sustainable or optimal under cbo's current law baseline, debts held by the public is projected to fall from 67% of gdp this year to 61% in 2021. however, stabilizing the debt at that level would still leave it larger than any year between 1953...
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Feb 8, 2018
02/18
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they say it raises the deficit. they just voted and cheered a bill that would add $1.5 trillion to the deficit in the form of tax breaks for mammoth corporations. they were willing to increase the deficit on the defense side of the budget, but all of a sudden, when it comes to our schools or our roads or our scientific research, oh, we can't do it because of the deficit. mr. president, it is blatantly hypocritical to ignore the deficit when it favors corporate america but raise the alarm when it comes to helping our veterans, our students, those addicted to opioids. that is selective enforcement. that doesn't fly. and there is a lot of sophistry going on, when we reduce taxes, we won't have a deficit because it will keep the economy growing. does anyone doubt that education keeps the economy growing, that scientific research keeps the economy growing, that building infrastructure keeps the economy growing? there is a lot of hokum flying around here that only when you cut taxes for big corporations we grow the econom
they say it raises the deficit. they just voted and cheered a bill that would add $1.5 trillion to the deficit in the form of tax breaks for mammoth corporations. they were willing to increase the deficit on the defense side of the budget, but all of a sudden, when it comes to our schools or our roads or our scientific research, oh, we can't do it because of the deficit. mr. president, it is blatantly hypocritical to ignore the deficit when it favors corporate america but raise the alarm when...
0
0.0
Apr 11, 2018
04/18
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really cares about deficits. there's a lot of republicans, particularly the more conservative ones, say now let's cut medicare and social security. how is an elderly person in rural america going to feel about that? so i would simply say this bill, this bill was not the right remedy for america. there was a lot better. now, speaker ryan. now, i know speaker ryan quite well. speaker ryan is a good man. he's always true to his word. even though we disagreed on most issues, in the areas where we could work together, i found him to be smart, thoughtful, and straightforward. i found him to have a great deal of integrity. we didn't agree, but he had deep beliefs, and he was not like some on his side of the aisle who say it's my way or no way. he was willing to meet you, to try and get something done. so i thoroughly enjoyed working with speaker ryan. i admired him as a human being, as a religious man, somebody who cared a lot about his family. i understand his frustrations. i do. when you have so many intransigent peop
really cares about deficits. there's a lot of republicans, particularly the more conservative ones, say now let's cut medicare and social security. how is an elderly person in rural america going to feel about that? so i would simply say this bill, this bill was not the right remedy for america. there was a lot better. now, speaker ryan. now, i know speaker ryan quite well. speaker ryan is a good man. he's always true to his word. even though we disagreed on most issues, in the areas where we...
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Mar 21, 2013
03/13
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and to created big deficits. and then the onslaught of the great recession in 2008 pushed our deficits even higher. and today, today only one-eighth of the revenues lost by the bush tax cuts have been restored. one-eighth. one-eighth. yet many of the republicans keep repeating their mantra that we only have a spending problem, only a spending problem, not a revenue problem. this is demonstrably not the case. now, we go back in time when i was here when president reagan pushed through some tax cuts when he came in as president, but i would say to his credit, he realized they went too far so he reversed course and supported two income tax increases. well, in looking back just 12 years ago, president george w. bush's tax cuts also went too far. again, contributing to the largest deficit in our history. well, you'd think that we would want to reverse course, but republicans have dogmatically refused to reverse course on these -- on increasing revenues. they stick to their ideological man travment they say, don't touc
and to created big deficits. and then the onslaught of the great recession in 2008 pushed our deficits even higher. and today, today only one-eighth of the revenues lost by the bush tax cuts have been restored. one-eighth. one-eighth. yet many of the republicans keep repeating their mantra that we only have a spending problem, only a spending problem, not a revenue problem. this is demonstrably not the case. now, we go back in time when i was here when president reagan pushed through some tax...
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Jan 27, 2010
01/10
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that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by the end of this fiscal year, or 60% of gdp, the largest burden of debt since the early 1950s. looking beyond this fiscal year can, the budget outlook is daunting. again under current law, cbo projects the deficit will drop to about 3% of gdp by 2013 but remain in that neighborhood through 2020. by that point, interest payments alone would cost more than $700 billion per year. moreover, maintaining the policies embodied in current law that underlie these projections will not be easy. it would mean, for example, allowing all of the tax cuts enacted in 2001 and 2003 to expire in 2011 as scheduled a
that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by...
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Mar 28, 2019
03/19
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adding a 13th bill to how to deal with debt and deficit. there is some moment that is created every year compelling us to be here until our work is done, having a more systematic structure of how we're going to do budging. these are simple ideas but ideas that will help us get on top of a $22 trillion debt and an approaching $1 trillion yearly deficit. it's as if we've lost the importance of this. and we cannot. my challenge to this body is let's make the budget mean something again. let's actually dolling -- do long-term planning and figure out how to be able to make a process work for the taxpayers. we can figure this out and we can work together to do it. with that, mr. president, i yield the floor. mr. president, i would note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: quorum call: mr. mcconnell: mr. president? the presiding officer: the majority leader is recognized. mr. mcconnell: i ask consent that further proceedings under the quorum call be dispensed with. the presiding officer: withou
adding a 13th bill to how to deal with debt and deficit. there is some moment that is created every year compelling us to be here until our work is done, having a more systematic structure of how we're going to do budging. these are simple ideas but ideas that will help us get on top of a $22 trillion debt and an approaching $1 trillion yearly deficit. it's as if we've lost the importance of this. and we cannot. my challenge to this body is let's make the budget mean something again. let's...
143
143
May 17, 2018
05/18
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there will be nearly a trillion dollar deficit this year. that's what we complained about under president obama, it's trillion dollar deficits. are we going to be the party that is true to what we say that we are for, that we're fiscally conservative. can we not cut one penny out of every dollar? i ask my colleagues to think long and hard about the vote. think about what the people at home want you to vote. you go home and say you're for a balanced budget amendment to the constitution. the balanced budget amendment to the constitution that virtually all of my republican colleagues voted for said that we will balance the budget in ten years. we're serious or we're not. if you want to vote for a balanced budget that will balance the budget in five years -- mr. inhofe: i ask unanimous consent to speak. mr. paul: in a second. it is a kennard to say it is coming from the military. it is $1.3 trillion spent and $32 billion cut. we spend $32 billion to foreign countries that hate us every year. we spent nearly $50 billion in afghanistan every year.
there will be nearly a trillion dollar deficit this year. that's what we complained about under president obama, it's trillion dollar deficits. are we going to be the party that is true to what we say that we are for, that we're fiscally conservative. can we not cut one penny out of every dollar? i ask my colleagues to think long and hard about the vote. think about what the people at home want you to vote. you go home and say you're for a balanced budget amendment to the constitution. the...
95
95
Jun 28, 2011
06/11
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run a deficit. when we provide overax the cowealthiest people in thish country and choose not to offset those tax breaks we've run up aa deficit. when we passed a medicare part b prescription drug program written by the companies and tha not allow medicare to negotiate prescription drug prices and inn the cost and thus far more than it should, 400 billion over a tenure peorriod, and we don't py when we told military spending e since 1997, not including the war mechem iraq and afghanistan and we don't pay for that, we've run up the deficit. now mr. president, i always find it amusing when some of my flo republican colleagues come downf here on the floor and lectureere some of us about how serious thl deficit is and how serious the national debt is and yetf ironically many of us voted thec against those proposals which cause the deficit crisis that we are in right now and i did a lot of attention during the debate i d in theon't war in iraq.friends i don't recall many of our friends on the republican
run a deficit. when we provide overax the cowealthiest people in thish country and choose not to offset those tax breaks we've run up aa deficit. when we passed a medicare part b prescription drug program written by the companies and tha not allow medicare to negotiate prescription drug prices and inn the cost and thus far more than it should, 400 billion over a tenure peorriod, and we don't py when we told military spending e since 1997, not including the war mechem iraq and afghanistan and we...
46
46
Dec 17, 2019
12/19
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eye 46
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aing long-term deficit reductiom deficit reduction can coexist with near-term measures to counter a recession. finally, our bill would prioritize budget transparency. it would give the senate new budget enforcement tools and it would remove one of the disincentives to bringing the bblg to the floor by fixing the process known as vote-a-rama. developing our legislation, i specifically set out to establish a process that would allow us to be thoughtful and deliberate in our fiscal decision-making. while avoiding the automatic spending cuts of the last decade known as sequestration. under this bill, sequestration is gone. our bill would not tilt the scales toward one party, ideology, or policy. rather it aims to create a neutral process to help guide congress in making reasoned budget decisions. each congress will decide what fiscal policy changes may be necessary, whether that means less spending, more revenue, or a combination of the two. we cannot be content to bury our heads in the sand as our more than $23 trillion debt grows unchecked, swallowing the opportunities for future generations. i
aing long-term deficit reductiom deficit reduction can coexist with near-term measures to counter a recession. finally, our bill would prioritize budget transparency. it would give the senate new budget enforcement tools and it would remove one of the disincentives to bringing the bblg to the floor by fixing the process known as vote-a-rama. developing our legislation, i specifically set out to establish a process that would allow us to be thoughtful and deliberate in our fiscal...
54
54
Aug 1, 2011
08/11
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eye 54
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than the budget deficit. they are more concerned about the jobs deficit. 25 million people out of work. in a recent cbs news/"new york times" poll, 53% of the public polled named the jobs and economy as the most important problem, while only 7% named the deficit. so, mr. president, i oppose this misbegotten, misguided deal that they have conjured up in return for raising the debt ceiling. i don't oppose raising the debt ceiling. i want to make that clear. i believe we have an obligation, a constitutional obligation to pay our debts and to make good on our debts as we have done since the revolutionary war. what i am objecting to is the deal that was put together in order to permit us to perform our constitutional obligation. i oppose it for four reasons. reason number one is that this deal will destroy millions of jobs as i have said in both the public and private sector, and by shutting off federal funding and investment, a critical engine sustaining our sputtering economy, it could easily plunge america back
than the budget deficit. they are more concerned about the jobs deficit. 25 million people out of work. in a recent cbs news/"new york times" poll, 53% of the public polled named the jobs and economy as the most important problem, while only 7% named the deficit. so, mr. president, i oppose this misbegotten, misguided deal that they have conjured up in return for raising the debt ceiling. i don't oppose raising the debt ceiling. i want to make that clear. i believe we have an...
0
0.0
Aug 4, 2022
08/22
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as i said, that ballooned the deficit by $2 trillion. it also handed the top 1% income earners an average tax cut of $69,000 each in 2018 alone. so just in one year, about a $70,000 tax cut to the top 1%. and the congressional budget office estimated that 43% of the growth in economic output from the 2017 tax law flowed to foreign invests in that space. so, foreign investors have holdings in u.s. corporations. that tax cut to american corporations, yes, it flowed to some very wealthy americans, but a lot of it flowed offshore to foreign investors. so, what we've seen from our colleagues across the aisle is big tax cuts to corporations and the very wealthy, not just here at home but benefiting others around the world, in contrast to this, which does ask big corporations to pay their fair share, minimum 15%, and reduces the deficit as question invest in job creation and reduce prices here at home. so, this is a win for families. it's a win for seniors. it's a win for our planet, our economy. it's a win for the country. so, mr. president, i
as i said, that ballooned the deficit by $2 trillion. it also handed the top 1% income earners an average tax cut of $69,000 each in 2018 alone. so just in one year, about a $70,000 tax cut to the top 1%. and the congressional budget office estimated that 43% of the growth in economic output from the 2017 tax law flowed to foreign invests in that space. so, foreign investors have holdings in u.s. corporations. that tax cut to american corporations, yes, it flowed to some very wealthy americans,...
0
0.0
May 31, 2023
05/23
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this was never about deficits to republicans. they turned down every reasonable opportunity to close loopholes that would affect our deficits. they want to stand find their billionaire friends so they can pay less than teachers on their tax rate, , the teachers in san bernardino. that's what this is about. and they are going to show us throughout the summer. our prediction is that they are going to mark up a tax bill that would blow another whole, over $3 trillion into deficit. this is not about fiscal sanity. this is about them each and every step of the way protecting their billionaire friends. but house democrats stand poised to help, stand poised to be the adults in the room, and we will ensure we put this crisis behind us. we have had a number of briefings with the administration officials. i am appreciative of them. i continue to appreciate the president standing up for medicare and social security and medicaid. without that leadership and support, those programs would not have been protected. in this deal and in this year.
this was never about deficits to republicans. they turned down every reasonable opportunity to close loopholes that would affect our deficits. they want to stand find their billionaire friends so they can pay less than teachers on their tax rate, , the teachers in san bernardino. that's what this is about. and they are going to show us throughout the summer. our prediction is that they are going to mark up a tax bill that would blow another whole, over $3 trillion into deficit. this is not...
7
7.0
Oct 28, 2021
10/21
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at a time when we have such high debts and deficits, it will add to our record level of debt and deficits. its large tax increases will hurt our economy at a time when we cannot afford it. we just got the numbers in from the economic growth in the last quarter. they just came in today. .5% growth. very disappointing. well blow expectations. so we know economic growth is slowing. we know inflation is rising. we know that this is not the time for us to put forward this kind of legislation because it will aggravate the inflationary pressures, but it also causes us at the time of debt and deficits to see big increases in spending and finally, again, at a time when our economy is unfortunately not performing the way we would like to see it. it's slowing down. the worst economic quarter we have had since 2000. we need to be sure we're not adding new taxes to our economy at this time. so the timing is bad. by the way, the infrastructure bill has no new tax increases. the infrastructure bill is not about immediate spending. it's about long-term spending over five, ten, 15 years for capital assets
at a time when we have such high debts and deficits, it will add to our record level of debt and deficits. its large tax increases will hurt our economy at a time when we cannot afford it. we just got the numbers in from the economic growth in the last quarter. they just came in today. .5% growth. very disappointing. well blow expectations. so we know economic growth is slowing. we know inflation is rising. we know that this is not the time for us to put forward this kind of legislation because...
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21
Dec 21, 2017
12/17
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eye 21
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paul: the question is do deficits matter? we often say they do. you will hear republicans say they do. for the last week or two, you have heard from democrats that they were against cutting taxes because it might add to the deficit. well, if this is true, tonight we'll get a chance to vote on the deficit. because, you know, congress about six years ago put something forward called pay-go budget caps. what does that mean? they kept seeing the deficit explode so they kept putting these budget caps. if we would adhere to them, they would actually get the deficit under control. guess what? congress has evaded them 29 times. so doesn't we will have a bill that will be the 30th time that congress has evaded their own rules on the debt. is it any surprise that the debt under george w. bush went from $5 trillion to $10 trillion? is it any surprise that under president obama it went from $10 trillion to $20 trillion? is it any surprise that the debt continues to rise? no. because both parties are responsible for it. look, i was all for the tax cut. i think
paul: the question is do deficits matter? we often say they do. you will hear republicans say they do. for the last week or two, you have heard from democrats that they were against cutting taxes because it might add to the deficit. well, if this is true, tonight we'll get a chance to vote on the deficit. because, you know, congress about six years ago put something forward called pay-go budget caps. what does that mean? they kept seeing the deficit explode so they kept putting these budget...
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201
Mar 22, 2018
03/18
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for us to be in a situation where we're getting ready to pass a bill that adds $2 trillion in deficits over the next ten years or sets the stage for that by passing the first two years with a huge increase in base spending with no offsets to speak of does -- does have to be a wake-up call to people as to whether that's the case. i can't imagine, for instance, had the 2016 election gone a different way and we had a democratic president and we controlled the house and senate, i can't imagine us being in a situation where we would vote tonight or tomorrow for a bill that's going to add $2 trillion in debt without offsets. as a matter of fact, i can just tell you absolutely that would not be the case. and so here we are -- look, there's going to be all kinds of things in this bill that people don't even know about. it's just human nature. it's human nature when you have the pen in your hand and you're working in a back room some place, and i don't criticize back rooms. that's how these bills get written. but people do things to benefit themselves. they just do. that's the way it works. i d
for us to be in a situation where we're getting ready to pass a bill that adds $2 trillion in deficits over the next ten years or sets the stage for that by passing the first two years with a huge increase in base spending with no offsets to speak of does -- does have to be a wake-up call to people as to whether that's the case. i can't imagine, for instance, had the 2016 election gone a different way and we had a democratic president and we controlled the house and senate, i can't imagine us...
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69
Nov 13, 2012
11/12
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is running trade deficits, current account deficits on the order of 4.5% of gdp, the government's deficit has to be at least 4.5% of gdp, or the private sector will fall below zero. every single time. okay? so here's the cbo forecast. this is what's projected to happen to the government deficit if we hit the cliff, and this is the alternative scenario. if we hit the cliff, the projection is that the government's deficit will shrink to around 2% of gdp. deficits of 2% of gdp together with trade deficits of 4.5, 4% mean the private sector is by definition going to be in the negative. we'll be running deficits. here's that same image flipped over. it's how to create the mirror image of that. it just says that if the government reduces its deficit, it is reducing the surplus of the nongovernment sector. you have to be able to put these things in context. why does it matter? what difference does it make if the private sector's in surplus or deficit? turns out it makes a big difference. the private sector's budget balance is shown here in the blue line. those gray bars are recessions. we've had
is running trade deficits, current account deficits on the order of 4.5% of gdp, the government's deficit has to be at least 4.5% of gdp, or the private sector will fall below zero. every single time. okay? so here's the cbo forecast. this is what's projected to happen to the government deficit if we hit the cliff, and this is the alternative scenario. if we hit the cliff, the projection is that the government's deficit will shrink to around 2% of gdp. deficits of 2% of gdp together with trade...
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Jul 7, 2011
07/11
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so who's to blame on this deficit? could it have had anything to do with the fact that for the first time in history we cut taxes while we were at war? well, not according to the republican leader. in july of last year, senator mcconnell said, and i quote, "there's no evidence whatsoever that the bush tax cuts actually diminished revenue." but adjusting for inflation, since the bush tax cuts were enacted, revenues have fallen 17%, and that's not even taking into account the growth in our population. which was 9% over this period. when you add the effect of population growth, revenues declined by about 24% per capita under the bush tax cuts. i think this clearly constitutes evidence that the bush tax cuts actually diminished revenue. so it should be no surprise that our reduced revenues are responsible for a lot of our deficit. as you can snee this chart here, this chart is by the center on budget and policy priorities, based on c.b.o. numbers, and shows that the bush tax cuts responsible for 25% of our debt in 2010, an
so who's to blame on this deficit? could it have had anything to do with the fact that for the first time in history we cut taxes while we were at war? well, not according to the republican leader. in july of last year, senator mcconnell said, and i quote, "there's no evidence whatsoever that the bush tax cuts actually diminished revenue." but adjusting for inflation, since the bush tax cuts were enacted, revenues have fallen 17%, and that's not even taking into account the growth in...
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0.0
Jul 28, 2022
07/22
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it's the same thing for the deficit. for years republicans have howled at the moon about the deficit. but when they were in the majority, they blew a $ 2 trillion hole in the budget. democrats' proposal will actually lower the deficit significantly, which will go a long way to easing inflation. if republicans really care about fighting inflation, if they really care about lowering the deficit, as they've claimed, they should support our proposal, which would lower the deficit by hundreds of billions of dollars. now, at the end of the day, the american people want us to do a few commonsense things -- lower the cost of their daily expenses like health care, protect our planet for future generations, make sure everyone plays by the same rules and has a fair shot at achieving the american dream, and that's what the inflation reduction act will do. these are not easy matters, but we didn't come here to do easy things. to be sure, the work is not done. there's a lot we have to do in the coming zais. but i'm proud that right ou
it's the same thing for the deficit. for years republicans have howled at the moon about the deficit. but when they were in the majority, they blew a $ 2 trillion hole in the budget. democrats' proposal will actually lower the deficit significantly, which will go a long way to easing inflation. if republicans really care about fighting inflation, if they really care about lowering the deficit, as they've claimed, they should support our proposal, which would lower the deficit by hundreds of...
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104
Jul 29, 2013
07/13
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we've had a lost deficit reduction. i guess the question, and i'll start with bob on the end is, i think that a lot of people say, boy, would it be a big deal if people like the two of you, people who have your view on things, came out and said, right now the problem isn't the deficit, the bigger problem is the state of the economy and the deficit's second. why not make that argument from your perspective and push the deficit to a secondary? >> well, i'm happy to accept jared's version of deficit reduction as chocolate. things that hasn't changed that much, clearly the deficit has come down in the short term but i think we've been making the case on the grand bargain side, that the short-term deficit not the problem and that what we need to do from a grand bargain point of view is, attack the structural deficit which is the, long-term mismatch between spending programs and revenues, and you need to put those things on the table. so, i would, you know, agree that, in the, you know, in the short term the deficit is, is co
we've had a lost deficit reduction. i guess the question, and i'll start with bob on the end is, i think that a lot of people say, boy, would it be a big deal if people like the two of you, people who have your view on things, came out and said, right now the problem isn't the deficit, the bigger problem is the state of the economy and the deficit's second. why not make that argument from your perspective and push the deficit to a secondary? >> well, i'm happy to accept jared's version of...
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Jan 31, 2013
01/13
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we would still have a small deficit, and this would be positioning the deficit to get to barks becaus balance, because relatively small. if enacted, the result is about $3 trillion in savings over the next decade. this is roughly consistent with what other groups have talked about, the simpson-bowles commission and others. given the $34 trillion in projected spending over the next decade, this $3 trillion should not be too much to ask. simply limiting spending growth to about 3% per year would accomplish this same result. so that's slings what's being required -- so that's essentially what's being required here, when you say there will be a dollar-for-dollar reduction. the result is by 2022, the deficit will fall to less than 1% of g.d.p., very close to balance. the debt would be declining as well and declines to the point where, according to the simpson-bowles commission and others, you would be 60%-some of the economy, which many view as having stablized our debt. it actually declines by about 19 points as a percent of the economy from where it is at its peak in terms of our debt. s
we would still have a small deficit, and this would be positioning the deficit to get to barks becaus balance, because relatively small. if enacted, the result is about $3 trillion in savings over the next decade. this is roughly consistent with what other groups have talked about, the simpson-bowles commission and others. given the $34 trillion in projected spending over the next decade, this $3 trillion should not be too much to ask. simply limiting spending growth to about 3% per year would...
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Jul 7, 2011
07/11
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that's the annual deficit. the president says to solve this annual deficit you need to raise $3 billion in additional revenue from corporate jet owners. obviously a drop in the bucket. it's even worse when you look at the debt. the deficit is the difference between what congress brings in, whats federal government brings -- what the federal government brings in and what it spends. right now it's spending about $1.5 trillion more each year than it brings in in revenue. that's the deficit. but the accumulation, accumulation of those deficits represents the debt. this is how much red ink that our federal government is spending, or where we find ourselves. and that's $14 trillion. this is the number that the president wants us to raise, $14 trillion. that's like the max on your credit card. and if you're spending too much money, you bump up against the credit card limit. the president in essence, rather than cutting back on spending, making sure you're paying your bills that you already owe, he wants to raise it so
that's the annual deficit. the president says to solve this annual deficit you need to raise $3 billion in additional revenue from corporate jet owners. obviously a drop in the bucket. it's even worse when you look at the debt. the deficit is the difference between what congress brings in, whats federal government brings -- what the federal government brings in and what it spends. right now it's spending about $1.5 trillion more each year than it brings in in revenue. that's the deficit. but...
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0.0
Mar 8, 2018
03/18
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the clarion call of many on the republican side to cut medicare and social security to pay for the deficit they created, it's not going over too well. we'll match our argument against theirs now, in october, in november. we're confident we're going to win that argument, and that's why already the enthusiasm about this tax bill is fading. massive deluge of corporate share buybacks is proving to be the principal legacy of the republican tax bill. not benefits to workers. not bonuses. not wage increases. not even new equipment or investment in r&d. i welcome that. no. corporations are spending the bulk of the savings from the tax bill on themselves, their corporate executives, and their wealthy shareholders. companies -- guess how much, mr. president, guess how much companies have allocated the capital that they've earned from the tax bill to their employees, the workers who are going to get such huge benefits from this bill? 6%. no, no, no, it's not 60%. 6%. 60% is the percent that's gone back to corporations in the form of stock buybacks. ten to one ratio. it doesn't make much sense. the am
the clarion call of many on the republican side to cut medicare and social security to pay for the deficit they created, it's not going over too well. we'll match our argument against theirs now, in october, in november. we're confident we're going to win that argument, and that's why already the enthusiasm about this tax bill is fading. massive deluge of corporate share buybacks is proving to be the principal legacy of the republican tax bill. not benefits to workers. not bonuses. not wage...
0
0.0
Jan 31, 2023
01/23
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bush sent to congress contained a $1.4 trillion deficit. same thing happened when ronald reagan was president. republicans passed huge tax cuts to the wealthy and promised that they would pay for themselves, if we can just get the rich a little richer, then working families will be better off. instead, they produced the biggest budget deficits america had ever seen. do they have credibility gap on that side of the aisle when it comes to deficits? they sure do. but rich lowery, the editor and chief of "national review" once the bible of americans conservatives commented on what the maga strategy means nfl -- means. he wrote, it's very strange not to seriously pursue a deeply held goal when you have unified control of washington, than to achieve much of it in one fell swoop when you barely have control of one chamber. congress, but here we are, this is the republican pattern. in the last fiscal year under president biden and a democratic majority, we actually reduced the deficit by $1.4 trillion, the largest one-year drop in american history.
bush sent to congress contained a $1.4 trillion deficit. same thing happened when ronald reagan was president. republicans passed huge tax cuts to the wealthy and promised that they would pay for themselves, if we can just get the rich a little richer, then working families will be better off. instead, they produced the biggest budget deficits america had ever seen. do they have credibility gap on that side of the aisle when it comes to deficits? they sure do. but rich lowery, the editor and...
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0.0
Feb 11, 2024
02/24
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-- the proof they'll add to the deficit. that was wrong. that was shown in 2017, when republicans added trillions to the deficit to pass the trump tax law that overwhelmingly benefited large corporations and the wealthy. the price tag on that deficit buster was growing higher with the increase in interest rates. my colleague, as i indicated, hasn't had to get involved in those kinds of issues in the past, but i just think if we're unwinding deficit finance tax laws, we ought to go back a little further and repeal the deficit finance handouts to corporations and the wealthy that donald trump and republicans passed in 2017. the fact is the chairman of the ways and means committee, from missouri, who i think would call himself a strong conservative, he and i negotiated a bipartisan proposal and nearly the entire bill is paid for, and it came after months and months and months of discussions, with democrats and republicans. and if the joint committee on taxation tells the finance committee that's an offset, the one we have that
-- the proof they'll add to the deficit. that was wrong. that was shown in 2017, when republicans added trillions to the deficit to pass the trump tax law that overwhelmingly benefited large corporations and the wealthy. the price tag on that deficit buster was growing higher with the increase in interest rates. my colleague, as i indicated, hasn't had to get involved in those kinds of issues in the past, but i just think if we're unwinding deficit finance tax laws, we ought to go back a little...
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Mar 20, 2013
03/13
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new deficit reduction, for a total of $4.25 trillion in deficit reduction since the simpson-bowles report. it reduces the deficit to below 3% of g.d.p. by 2015 and keeps it well below that level for the rest of the ten-year window in a responsible way, and it pushes our debt as a percentage of the economy down and moving in the right direction. mr. president, our budget tackles this issue the way the american people have consistently said they want it done, with an equal mick of responsible spending cuts made across the federal budget and new revenue raised by closing loopholes and cutting wasteful breaks that primarily benefit the rich. this budget cuts spending responsibly by $975 billion, and we make some tough choices to get there. we think every program, including the ones that we know are important, need to be wringing out waste, trimming fat and reducing cost to taxpayers. so $500 billion of our deficit reduction comes from responsible savings on the domestic spending side, including $275 billion in health care savings made in a way that doesn't harm our seniors or our families. we
new deficit reduction, for a total of $4.25 trillion in deficit reduction since the simpson-bowles report. it reduces the deficit to below 3% of g.d.p. by 2015 and keeps it well below that level for the rest of the ten-year window in a responsible way, and it pushes our debt as a percentage of the economy down and moving in the right direction. mr. president, our budget tackles this issue the way the american people have consistently said they want it done, with an equal mick of responsible...